Morgan Stanley Basic Materials Conference February 17, 2009.

Morgan Stanley Basic Materials Conference February 17, 2009

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NUCOR = LONG-TERM PROFITABLE GROWTH

• Nucor’s Growth Record

• Nucor’s Position of Strength for Future Growth

• Nucor’s Multi-Pronged Growth Strategy

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NUCOR’S GROWTH RECORD

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44

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

1966

1968

1970

1972

1974

1976

1978

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

LONG-TERM PROFITABLE GROWTH Net Income 1966-2008 (millions of dollars)

20+% CAGR

55

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2000 2001 2002 2003 2004 2005 2006 2007 2008

LONG-TERM PROFITABLE GROWTH Net Income 2000-2008 (millions of dollars)

25% CAGR

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LONG-TERM PROFITABLE GROWTH2004-2008 Return On Equity (average annual ROE %)

33.6%32.5%32.2%

26.8%

0

5

10

15

20

25

30

35

Commercial Metals U.S. Steel Steel Dynamics Nucor

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LONG-TERM PROFITABLE GROWTH Cash Dividends Paid 2000-2008 (millions of dollars)

0

100

200

300

400

500

600

700

800

2000 2001 2002 2003 2004 2005 2006 2007 2008

Base Supplemental

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NUCOR’S POSITION OF STRENGTH For Future Growth

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NUCOR’S POSITION OF STRENGTH

• Financial Strength

• Variable Cost Structure

• Diversified Product Mix

• Market Leadership Positions

• OUR PEOPLE!!!

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• Q4-2008 balance sheet: Debt of $3.3 billion; Debt = 28% Of Total Capital; Weighted average coupon rate on debt < 6%; $3.1 billion of our debt matures in 2012 & beyond (approx. $2.2 billion after 2017); No commercial paper borrowings; Cash & short-term investments of $2.4 billion

• Debt Rated “A+” By S&P And “A1” By Moody’s – Highest North American Metals/Mining Debt Ratings.

• Simple Capital Structure – and no off-balance sheet financing arrangements

• Superior Financial Flexibility – very successful work raising $4.3 billion of long-term capital in late 2007 and first half 2008. In November 2007, issued $1.3 billion of long-term debt (weighted average coupon rate of 5.78%). In May-June 2008, issued equity of $2 billion ($74/share) and long-term debt of $1.0 billion (weighted average coupon rate of 5.78%).

Financial Strength

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0

600

1,200

1,800

2,400

2000 2001 2002 2003 2004 2005 2006 2007 2008

Financial Strength Cash From Operations 2000-2008 (millions of dollars)

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Variable Cost Structure

0

100

200

300

400

500

600

700

800

900

1000

AMM Shredded - Chicago AMM #1 Busheling - Chicago

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Diversified Product Mix2008 Sales Tons

PRODUCT DIVERSIFICATION REDUCES EARNINGS VOLATILITY!!!

Nucor is North America’s Most Diversified Steel Producer

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Diversified Product MixSteel Production Capacity (tons)

Hot Rolled Sheet(Cold Rolled Sheet 4.1 million)

(Galvanized 1.5 million)

10.8 million

Bars 8.9 million

Structural 3.7 million

Plate 2.8 million

Total Steel 26.2 million

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Diversified Product MixSteel Products Production Capacity (tons)

Steel Joists 715,000

Steel Deck 530,000

Cold Finished Bars 860,000

Steel Buildings 465,000

Rebar Fabrication 1,563,000

Mesh 233,000

Metal Grating 90,000

Fasteners 75,000

Total Steel Products 4.5 million

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Market Leadership in North America

Position

Largest Structural Producer

Largest Bar Producer

Largest Rebar Producer

Largest Cold Finished Bar Producer

Largest Steel Joist Producer

Largest Steel Deck Producer

Largest Rebar Fabrication, Distribution, & Placement Company

2nd Largest Plate Producer

3rd Largest Metal Buildings Producer

4th Largest Sheet Producer

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It Starts With Our Culture

• LONG-TERM FOCUS

• COMMITMENT TO EMPLOYEES – Relationships Based on Trust

• SAFETY FIRST!!!

• TEAMWORK

• PAY FOR PERFORMANCE

• CONTINUAL IMPROVEMENT

• DECENTRALIZED STRUCTURE

• Nucor has been PROFITABLE EVERY YEAR SINCE 1966 – and No Layoff Practice Followed Over This Time Period

• Nucor’s Employees Take Ownership Of Taking Care Of Our Customers & Shareholders!!!

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Nucor’s Multi-Pronged Growth Strategy

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NUCOR’S FOCUS: PROFITABLE GROWTH

NUCOR’S 4 PRONGED GROWTH STRATEGY

1. OPTIMIZE EXISTING OPERATIONS

2. GREENFIELD GROWTH

– New Technologies

– Marketplace Niches

3. INTERNATIONAL GROWTH through JOINT VENTURES

4. PURSUE STRATEGIC ACQUISITIONS

Nucor’s Position

of

STRENGTH

2020

NUCOR’S FOCUS: PROFITABLE GROWTH

MULTIPLE GROWTH PLATFORMS

1. CORE BUSINESS

2. UPSTREAM – David J. Joseph scrap business; Nucor Steel Louisiana pig iron project

3. DOWNSTREAM – Harris Steel rebar fabrication; metal buildings

4. INTERNATIONAL – Nucor Europe & Nucor Mexico

5. TECHNOLOGY – Castrip®

Nucor’s Multi-

Pronged Growth Strategy

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Growth Platform – Core Business

• Memphis SBQ Mill

• Decatur Galvanizing Facility

• Sheet Mill Group’s Growing Value-Added

Product Portfolio (interstitial-free steels, dual-phase

steels, complex-phase steels)

• North Carolina Plate Mill Heat Treating

Facility

• Arizona Rolling Mill For Straight-Length

Rebar, Coiled Rebar, & Coiled Wire Rod

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61 ScrapProcessing Facilities

Growth Platform – Scrap

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Growth Platform – Rebar Fabrication

Harris “RPG”Reinforcing Steel Fabrication Plants

23 Canadian Facilities 23 U.S. Facilities

Rebar: Mills & Fab. Facilities

Nucor Rebar Producing Mills

10 U.S. Facilities

Ambassador Steel 21 U.S. FacilitiesHawaii

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Growth Platform – International Duferdofin-Nucor beams & long products joint venture

San Giovanni

San Zeno

Pallanzeno

Italy

SicilyGiammoro

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Growth Platform – Castrip® Castrip® Energy & Emissions Comparison (ladle through hot band) (ladle through hot band)

0.00

0.05

0.10

0.15

0.20

0.25

GG

E (

t C

O2

equ

iv/t

).02

.12

.22

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

En

erg

y C

on

sum

ed (

GJ

/t)

.2

1.0

1.7

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“If, during the bad times, we had failed to look past the short-term consideration of this quarter’s earnings, would we have gone on to compile such a record of sustained growth and profitability? I’m certain we would not.”

“If management had thought of our employees as nothing but “headcount” — a term that seems far more appropriate to cattle than to people – would they be as motivated and productive as they are today? Again, the answer is clearly no.”

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Nucor’s Best Years Are Ahead Of Us

• Nucor’s facilities

• Nucor’s capabilities

• Nucor’s financial strength

• Nucor’s strategies

• And, the single most important asset behind Nucor’s success – Nucor’s EMPLOYEES – THE RIGHT PEOPLE!!!

• NUCOR’S BEST YEARS ARE STILL AHEAD OF US!!!

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QUESTIONS